This is will detail when you will need a Repair Agreement / Repair Holdback.
Description
Repair reserves are used when specific items are identified as needing repair at the time of closing - typically for minor items. This differs from a replacement reserve which covers items likely requiring either routine, ongoing maintenance and/or replacement after closing and during the term of the loan.
For example, a repair reserve could require Borrower to repair a cracked sign in the parking lot within 60 days of closing.
User Interface
To enter this example into the system please follow the below steps:
Step 1: Navigate to the "Property" tab and select "yes" to Repair Agreement
Step 2: Navigate to the Holdback Page (click on the link next to yes)
Step 3:Enter all necessary information (see example below)
The customer will then need to answer if repairs are already in progress select "yes". If repairs have not been started select "no".
GoDocs Software Output Sample
Repair Agreement Sample Linked Here